https://ttlc.intuit.com/community/tax-credits-deductions/discussion/monetary-gift-received/01/2887978#M277636 <P>If a US Citizen gives me (non -resident alien but resident for tax purposes) a gift of over 17000 in 2023 what is the tax rule. I saw anything above 17k will be taxed. Not sure I understand all the language everyone has been writing.</P> Thu, 16 Feb 2023 17:49:32 GMT VGCurious 2023-02-16T17:49:32Z https://ttlc.intuit.com/community/tax-credits-deductions/discussion/monetary-gift-received/01/2887978#M277636 <P>If a US Citizen gives me (non -resident alien but resident for tax purposes) a gift of over 17000 in 2023 what is the tax rule. I saw anything above 17k will be taxed. Not sure I understand all the language everyone has been writing.</P> Thu, 16 Feb 2023 17:49:32 GMT https://ttlc.intuit.com/community/tax-credits-deductions/discussion/monetary-gift-received/01/2887978#M277636 VGCurious 2023-02-16T17:49:32Z https://ttlc.intuit.com/community/tax-credits-deductions/discussion/re-monetary-gift-received/01/2888035#M277644 <P>If you RECEIVED the gift, there is no tax consequence for you.&nbsp;</P> <P>YOU do not report gifts as income. The tax was already paid by the person that gave you the gift.&nbsp;</P> <P>&nbsp;</P> <P>If the gift is over the yearly limit, the person that GAVE you the gift needs to report that by filing Form 709.&nbsp;</P> <P>Form 709 just keeps track of how much money a taxpayer gives away during their lifetime.&nbsp;</P> <P>The limit is quite large.&nbsp;</P> <P>For Tax Year 2023 it is 12.92 Million USD&nbsp;</P> Thu, 16 Feb 2023 18:08:11 GMT https://ttlc.intuit.com/community/tax-credits-deductions/discussion/re-monetary-gift-received/01/2888035#M277644 KrisD15 2023-02-16T18:08:11Z